WELCOME TO IMU – KNOW US AND YOUR POSITION AS ASSURED

CERTIFICATE OF INSURANCE & POLICY CONDITIONS

We highlight a few conditions for you to consider in your day-to-day chartering and
operations, because these conditions are part of your insurance cover. If you have any
question, we suggest you contact us prior to risks attaching.

Contractual liabilities are covered subject to the use of Bimco approved forms:

 The insurance cover is based on contractual liabilities in unamended Bimco approved
forms.
 Any additional contractual liabilities whatsoever are subject to approval by Insure
Marine Underwriting prior to any risk attaching to the policy.
 Contracts incorporating strict liability, hold harmless or other clauses waiving
recoveries or defences on liability claims are not covered.
 If the Assured is uncertain about a contractual liability, which may be subject to an
exclusion under the Charterers Liability policy we suggest that the contract is
submitted to us for approval prior to being used.

WARRANTIES
Warranted that the cargo is:
 Loaded, stowed etc. in accordance with IMO codes and regulations.
 Approved under the Charter Party.
 In case of dangerous cargo, carried with the knowledge and consent of the Master
and/or Owners and approved under the Charter Party.

Warranted that the Assured shall not appear as Carrier on the Bills of Lading, which shall be
signed by or for and on behalf of the Master, unless otherwise agreed in writing prior to risk
attaching.

In any insurance cover exclusions cannot be avoided. We always proceed on the basis that
the Assured is acting in good faith. Nevertheless, we recommend you to carefully read
clauses 27 and 37 of our policy wording. Similar clauses can be found in any Charterers
Liability insurance.
It is an agreed condition that all vessels chartered during the period of insurance will be
declared. Anti-selection is not allowed. A second Charterers Liability insurance with another
Insurer is not allowed, unless agreed in writing.

LEGAL & CLAIMS HANDLING
We invest in a team of legal and claims professionals, who will provide excellent service to
the Assured. This service is entirely free of charge to the Assured. Only the costs of external
service providers will be billed under the applicable deductible.

Insure Marine Underwriting

We recommend our Assureds to inform us immediately when a claim or dispute is reported,
because our professionals can best assist the Assured when they are contacted earliest
possible.
We recommend informing us prior to any appointment of lawyers, surveyors, or others by the
Assured and obtain our approval to avoid problems about coverage.

1. When there is a claim under the policy the claim as such remains, a claim made
   against the Assured until the claim is settled and paid under our policy.
2. In our position we offer the Assured our in-house legal and claims services. We do
   this as a service provider, on the Assured’s behalf. Any impactful action needs to be
   confirmed and acknowledged by the Assured prior to us taking them.
3. Following the policy conditions the Assured is required to follow the Insurers
   recommendations and requests for information if such recommendations and
   requests are instrumental for the handling of the claim.
4. Any financial transactions in handling, compromising, or settling a claim needs to be
   confirmed by the Assured before we make any commitments to counterparts or
   opponents
   

COMPLIANCE AND SANCTION SCREENINGWe would like to inform you about the differences between the insurer’s compliance
measures and the measures to be taken by the assured during its shipping and chartering
transactions.
Insure Marine Underwriting (IMU) from the insurer’s position.
Based on the Financial Supervision Act, sanctions legislation and regulations have set into
place to increase transparency to prevent money laundering, fraud and terrorism funding.
The UN, UK, OFAC and EU sanctions have been significantly increased for financial service
companies, with the aim to prohibit facilitating and operating in certain countries or with
entities and individuals within these countries. Therefore, insurers are obliged to screen all
business relations against sanction regulations.
Relations include direct assureds (policy holders), joint Assureds, Ultimate Beneficial Owners
of assureds, directors of assured, claims beneficiaries and counterparties to financial
transactions.
IMU’s insurance policy includes a Sanction clause, which excludes coverage for claims
related to a sanctioned trade, cargo, persons, companies, vessels, etc
Sanctions
An Assured shall cease to be insured by the Company in respect of an Insured Vessel upon
the Insured Vessel being employed by the Assured in a carriage, trade or on a voyage which,
or the provision of insurance for which, will thereby in any way howsoever expose
the Company to the risk of being or becoming subject to any sanction, prohibition or adverse action in any form whatsoever by any state, international organization or other competent
authority.

The Company shall in no circumstances have a liability to an Assured in respect of that part
of any liabilities, costs and expenses which is not recovered by the Company from any
reinsurance contract because of a shortfall in recovery from such reinsurers by reason of any
sanction, prohibition or adverse action against them by any state, international organization,
or other competent authority, or the risk thereof if payment were to be made by such
reinsurers.

All work to be carried out by IMU in compliance and sanction screening for the validity of the
insurance policy is free of charge to the insured.

The insured/client from the position of business in shipping
During the term of the insurance policy, the client/assured may regularly encounter
compliance and sanction screening issues, requiring proceedings to be initiated to ensure
that the shipping and chartering transactions meet all compliance and sanction requirements.
The Russia – Ukraine conflict has led to a massive increase in sanctions related to entities,
cargo trades and persons (SDN-listed). Every company needs to do their due diligence on
the people and entities involved in the trade, and also the vessels and cargoes. Companies
facilitating sanctioned trade will be heavily penalized with monetary fines in Millions and
freezing your bank accounts by the US (OFAC), UK, EU or UN.
IMU cannot carry out this work from the insurer’s position, but we can offer a consultancy
from our sister company Sure Maritime.
With Sure Maritime we will offer you an appropriate solution at a reasonable hourly rate, so
you know what your position is, and you will know in advance that the shipping transactions
will not lead to violations or infringements of compliance and sanction screening regulations.
This includes a thorough and documented review of the trade entities involved, the vessels,
cargo and the applicable sanctions related to the trade (Russian, Venezuela, Iran etc.)
We already offer this additional service to several IMU policyholders. If you are interested in
this service, please contact our specialist in this field:

Rick Bakelaar
Sure Maritime B.V., Rotterdam
Rick@suremaritime.com
Mobile phone: +31 612 386180

Written by Martin Lanting